Abbreviated Company Accounts - ADAM & CO. (TEXTILES) LIMITED

ADAM & CO. (TEXTILES) LIMITED Registered Number 01445080

Abbreviated Balance Sheet as at 31 August 2013

	Notes	2013	2012
		£	£
Fixed assets
Tangible assets	2	265,151	180,322
Investments	3	9,179	9,179
		274,330	189,501
Current assets
Stocks		101,830	101,777
Debtors		664,868	541,011
Investments		1,102,352	740,339
Cash at bank and in hand		19,397	2,534
		1,888,447	1,385,661
Creditors: amounts falling due within one year		(1,487,957)	(1,005,800)
Net current assets (liabilities)		400,490	379,861
Total assets less current liabilities		674,820	569,362
Provisions for liabilities		-	(30,279)
Total net assets (liabilities)		674,820	539,083
Capital and reserves
Called up share capital	4	80	80
Other reserves		20	20
Profit and loss account		674,720	538,983
Shareholders' funds		674,820	539,083

For the year ending 31 August 2013 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 28 May 2014

And signed on their behalf by:
Mr I A Adam, Director

ADAM & CO. (TEXTILES) LIMITED Registered Number 01445080

Notes to the Abbreviated Accounts for the period ended 31 August 2013

1Accounting Policies

Basis of measurement and preparation of accounts
The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover policy
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Tangible assets depreciation policy
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Land and buildings Leasehold - 5% on cost
Plant & machinery - 15% Reducing balance basis
Fixtures, fittings & equipment - 20% Reducing balance basis
Motor vehicles - 25% Reducing balance basis

Other accounting policies
Related Party Transactions
The company rents property from Adam & Co Trust Fund and pays annual rental of £25,576 (2011 £26,576), which represents a commercial rate of rent. Included in trade creditors is a balance of £88,915 (2012 £82,237) which is due to Adam & Co Trust Fund.

2Tangible fixed assets

	£
Cost
At 1 September 2012	1,684,488
Additions	146,564
Disposals	(41,377)
Revaluations	-
Transfers	-
At 31 August 2013	1,789,675
Depreciation
At 1 September 2012	1,504,166
Charge for the year	45,865
On disposals	(25,507)
At 31 August 2013	1,524,524
Net book values
At 31 August 2013	265,151
At 31 August 2012	180,322

Fixed assets
All fixed assets are initially recorded at cost.

3Fixed assets Investments
INVESTMENTS

Listed investments

COST
At 1 September 2012 and 31 August 2013 £9,179

NET BOOK VALUE
At 31 August 2013 and 31 August 2012 £9,179

Listed investments
Listed investments having a net book value of £9,179 (2012 - £9,179) are held by the company and had a market value of £84,318 at the end of the year (2012 - £82,668).

4Called Up Share Capital
Allotted, called up and fully paid:

	2013 £	2012 £
80 Ordinary shares of £1 each	80	80